Stock-Based Compensation |
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| Share-Based Payment Arrangement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock-Based Compensation | 13. Stock-Based Compensation Under the CFSB Bancorp, Inc. 2023 Equity Incentive Plan (the “2023 Equity Plan”), the Company may grant options, restricted stock, restricted stock units or performance awards to its directors, officers, and employees. Both incentive stock options and nonqualified stock options may be granted under the 2023 Equity Plan with 319,560 shares initially reserved for options. Any options forfeited because vesting requirements are not met or expired will become available for re-issuance under the 2023 Equity Plan. The exercise price of each option equals the market price of the Company's stock on the date of the grant and the maximum term of each option is 10 years. The total number of shares initially reserved for restricted stock is 127,824. Options and awards generally vest ratably over to five years. The fair value of shares awarded is based on the market price at the date of grant. Stock Options The fair value of each option grant is estimated on the date of the grant using the Black-Scholes option-pricing model with the following assumptions: • Volatility is based on peer group volatility because the Company does not have a sufficient trading history. • Expected life represents the period of time that the options are expected to be outstanding, taking into account the contractual term, and the vesting period. • Expected dividend yield is based on the Company's history and expectations of dividend payouts. • The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of the grant for a period equivalent to the expected life of the option. There were no options granted during the year ended June 30, 2025 and 2024. A summary of stock option activity for the year ended June 30, 2025 is presented in the table below:
Stock-based compensation expense applicable to stock options for the years ended June 30, 2025 and 2024 was $173,000. For the years ended June 30, 2025 and 2024, the tax benefits related to stock-based compensation expense applicable to stock-options was $16,600. There were no stock options exercised during the years ended June 30, 2025 and 2024. Restricted Stock Shares issued may be either authorized but unissued shares or reacquired shares held by the Company. Any shares forfeited because vesting requirements are not met will become available for reissuance under the 2023 Equity Plan. The fair market value of shares awarded, based on the market price at the date of grant, is amortized over the applicable vesting period. Restricted stock awarded to date has been at no cost to the awardee. The following table presents activity in restricted stock awards under the 2023 Equity Plan for the year ended June 30, 2025:
Stock-based compensation related to restricted stock for the years ended June 30, 2025 and 2024 was $185,000. There were no tax benefits related to stock-based compensation expense applicable to restricted stock for the years ended June 30, 2025 and 2024. |
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